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The New Zealand dollar held its gains against the greenback on speculation a prolonged US government shutdown and an more weighty debate about the debt ceiling this month will sap demand for US dollars. The kiwi traded at 83.04 US cents at 5pm in Wellington, holding its gains through the day from 82.84 cents late yesterday. The trade-weighted index was …

Martyn Dunne, New Zealand’s High Commissioner to Australia and a former head of the Customs Service and senior military officer, has been named head of the Ministry for Primary Industries. Dunne will take up the three-year term on Nov 18, replacing Scott Gallacher, who has been acting director-general of MPI since the departure of former head Wayne McNee for a …

A second former director of Gisborne-based Rockforte Finance has pleaded guilty to Crimes Act charges laid by the Serious Fraud Office, while a third awaits trial. John Gardner pleaded guilty to five charges in the Gisborne High Court today, the Serious Fraud Office said in a statement. The charges relate to theft by a person in a special relationship, obtaining …

Banks that lent unsustainable amounts of debt to state-owned coal miner Solid Energy are taking a $75 million “hair-cut”, dressed up as an issue of redeemable preference shares that may never be repaid. After eight months of negotiations between the Treasury and the group of Australasian and Japanese lenders to the troubled coal company, Finance and State-Owned Enterprises Ministers Bill …

New listings of houses for sale stalled in September, according to online advertiser realestate.co.nz, but the usual spring surge is still expected in October and November, despite new lending restrictions coming into force today. The site’s marketing manager, Peter McKenzie, told BusinessDesk the 5.3 percent fall in listings between August and September was the first such drop since 2007, but …

Harbour Asset Management, the Wellington-based boutique fund manager, has emerged as a substantial security holder in Tower following yesterday’s placement to sell Guinness Peat Group’s stake in the general insurer. Harbour Asset holds 12.95 million shares, or about 6.3 percent of Tower, it said in a statement to the NZX. First NZ Capital handled the placement of GPG’s 33.6 percent …

The New Zealand dollar jumped against the greenback overnight as investors weigh the imminent prospects of a partial US government shutdown later today should Congress fail to reach agreement on funding. The kiwi rose to 83.03 US cents at 8am in Wellington, from 82.84 cents at the 5pm market close in Wellington yesterday, making it the strongest performer versus the …

Stocks fell on both sides of the Atlantic, while US Treasuries gained as the midnight deadline to reach an agreement on continuing to fund the US government approached with no deal in sight. At the centre of the standstill is President Barack Obama’s Affordable Care Act, which Tea Party activists in the Republican Party are determined to block. Congress is …

The New Zealand dollar may decline toward the end of the year, helping exporters such as fishing company Sanford who see the value of their overseas sales eroded when the currency rises. The kiwi, which recently traded at 83.16 US cents, is likely to decline to 79.50 US cents by the end of 2013 as the US starts trimming back …

New Zealand shares fell, paced by Telecom and MightyRiverPower, ahead of a possible US budget stalemate and as the government scheduled a referendum on state asset sales for after the selldown of Meridian Energy that went on sale today. The NZX 50 Index fell 46.292 points, or about 1 percent, to 4736.387. Within the index, 37 stocks fell, four rose …